Fairfax papers today have useful commentary on tap and go fees. It explains the cost of the current tap and go compared to a regular eftpos transaction. This could be a good article to link with your own comments, on your business facebook page.
Fairfax papers today have useful commentary on tap and go fees. It explains the cost of the current tap and go compared to a regular eftpos transaction. This could be a good article to link with your own comments, on your business facebook page.
since Suncorp bank forcing us using tap terminals, our mechant fee has increased from $300 to now nearly $1000 a month. what a rip off
Tyro.
Even if customers are aware of the fee structure around EFPOS vs VISA/MC why would they care? The retailers wear it and the customers are indemnified from any fraudulent use of their tap and go cards. As a retailer I understand but when I’m a customer I have no problem using tap and go.
Does anybody know where you can get the 0.15% EFTPOS fee mentioned in the article? I’m paying 0.567 on EFTPOS and 0.363 on cash out. Wouldn’t surprise me if banks are charging small business 2-3 times the fee’s they charge Coleworths .
@Steve I have two ANZ terminals and pay a fixed fee for eftpos, $0.04 for $15, and $0.04 for cash out transactions irrespective of sale amount. I was not aware percentage fees were charged by any bank for eftpos until I read the article today. I’m sure you are correct that it’s a sweet deal for Coles, Woolworths etc. then they are two of the owners of eftpos so….
Thanks for the link. A very interesting read. Now I know why my card which has a credit and debit account attached to it defaults to credit card when tapped however I get account choice when dipped. One exceptionally nice earner for the Banks by slyness and stealth. One more reason for a Royal Commission.
I personally have my Cheque, Savings and credit account linked to the one card. Less to carry around.
If I tell them savings or cheque account, most places know to insert the card rather than tap.
Some don’t ask, and just assume the card is a credit card and tap it. it’s all a bit annoying.
Are people that time poor that they can’t manage to put a in PIN number anymore to add some level of security to their money?